Fresh research commissioned by Paragon Mortgages has revealed positive news for landlords and tenant relations.
The Q2 tenant market analysis, carried out by BDRC Continental suggests that 80% of tenants are currently satisfied with their current landlord. 87% said they felt their rented property was their home, as opposed to a short-term living arrangement. 800 people that are currently privately renting a property in the UK took part in the research.
Data from the report also shows that the average duration of tenants living in their current rental home is seven years. Their total typical stay in the private rented sector is 12 years.
When quizzed on their long-term housing plans, 35% of respondents said they intend to stay within the private rented sector. 24% said they intend to buy a house in the future. However, the proportion of tenants who citied unaffordability as their main reason for continuing to rent rose from 74%, from 69% in the previous survey.
In addition, the research shows that 65% of tenants believe their rental payment to be either good or very good, in terms of value.
8 out of 10 tenants satisfied with landlord
‘This research provides a valuable insight into the sector,’ said John Heron, Managing Director of Paragon Mortgages. ‘There are many surveys of landlords and many academic reports on the Private Rented Sector. There are, however, too few surveys that poll tenants directly on their experience of renting privately.’
Heron believes that, ‘this survey has identified high levels of tenant satisfaction and an appreciation of the good value that rented accommodation can offer across the country.’ He feels however that it is disappointing, ‘to see that affordability constraints are impacting negatively on future choices in housing with less than a quarter of tenants expecting to buy their own home in due course.’